Creating a plan for your future and the future of your loved ones can be outlined through the assistance of a wills and trusts lawyer Sacramento CA residents rely on. At Yee Law Group, our attorneys work closely with you to understand your desires and goals regarding the maintenance of your estate and other property.
Differences Between a Will and a Trust
A knowledgeable wills and trusts lawyer Sacramento CA offers may explain that wills and trusts are both beneficial and important aspects when creating an estate plan.
Sometimes referred to as the “last will and testament,” a will is a document that states your final wishes. After your death, a county court makes sure that your final wishes are carried out. A wills and trusts lawyer in Sacramento CA may state that the benefits typically include:
- Leaving names of beneficiaries for property (same as a trust)
- Revise the document if needed any time before their death (same as a trust)
- Name guardians for children
- Name property managers for children’s property
- Name an executor
- Instruct how taxes and debts should be paid
- Is rather simple to create
- Requires witnesses
A living trust is created during your lifetime and allows you to maintain complete control over the assets placed into the trust. As a wills and trusts lawyer Sacramento CA has to offer may explain, one of the main benefits of creating a trust is that your estate could avoid probate after you pass on. Probate is the legal process for passing along your assets and it occurs after your death. It often involves a court reviewing the validity of the estate planning documents, and certain debts are paid from the estate before it is distributed to beneficiaries.
Other benefits of a trust may include:
- Leaving names of beneficiaries for property (same as a will)
- Leave property to young children
- Revise your document (same as a will)
- Keep privacy after death
- Requires a notary public
- Requires transfer of property
- Protection from court challenges
- Avoid conservatorship
Choosing What’s Best for You
A wills and trusts lawyer Sacramento CA provides may be able to give you guidance when you decide to create a trust, a will. or both. If you are considering a trust, there are some different aspects that should be examined to ensure you are making the correct choice. It is highly recommended you talk with a Sacramento wills and trusts lawyer to help you decide.
Opening a trust can be a useful estate planning tool however, it can be expensive. Here are a couple questions to consider when deciding if a trust is beneficial for you:
- Do you have a net worth of at least $100,000?
- Do you have a substantial amount of assets in real estate?
- Do you have specific instructions on how and when your estate will be distributed?
- Are you trying to minimize estate taxes or protecting your estate from lawsuits and creditors?
Even if creating a trust would be ideal for your situation, it may still be beneficial to create a will. This provides a solid backup, allows you to name guardians for children under 18, and can create a catch-all beneficiary for any property you didn’t specifically leave to a certain heir.
Contact Yee Law Group Today
If you are seeking further advice, contact a wills and trusts lawyer Sacramento CA residents depend on from Yee Law Group at (916) 927-9001.